Russia threatens retaliation over potential G7 oil sanctions

Kremlin Spokesman Dmitry Peskov warned that any decision by the Group of Seven (G7) to impose sanctions on Russia’s oil industry would have serious repercussions, potentially destabilizing international energy markets.

"There will undoubtedly be certain risks to the stability of international energy markets. This is unavoidable and will ultimately affect the countries that are implementing these measures," Peskov noted, News.Az reports, citing TASS.

Moscow "is aware of ongoing discussions," the Kremlin spokesman said. "Every time such actions are taken, they lead to countermeasures from our side," Peskov continued. "Naturally, we will do everything necessary to mitigate the impact of these decisions and safeguard our economic interests and those of our businesses," he added.

Bloomberg reported earlier, citing sources, that the measures under consideration include lowering the existing price cap from $60 to $40 per barrel or imposing a total ban on the transportation and insurance of Russian oil. Deliberations are still ongoing, however, and no final decision has been made yet.

News.Az